Fidelity Digital Assets Explores Option of Rolling Out Ether Support in 2020
Tom Jessop, President of Fidelity Digital Assets, crypto division of the US financial services giant Fidelity, disclosed that the enterprise may back Ether (ETH) in 2020, in case of sufficient demand. In an interview with media news outlet TheBlock, Jessop replied to queries about the company.
Regarding the query on Fidelity Digital Asset supporting Ether in the future, Jessop said:
“We’ve done a lot of work on Ethereum. We intend to support it in the New Year. We’re very led by our clients.”
Jessop also stated that the main hindrances to institutional level cryptocurrency adoption are big price volatility, absence of regulatory transparency, and most significantly, lack of past history. He elaborated that he trusts the issues will be mitigated in time:
“Meaning like, ‘How do I know that if I buy this thing, it’s gonna be around tomorrow? Like what indicia of durability or longevity do I have based on the fact that the history of this asset is 10 years old?’ I think many of these things solve themselves with time.”
Fidelity’s crypto trading and custody platform was rolled out to a specific group of customers in March. The platform is focused on hedge funds, pensions, family offices, institutional investors and endowments.
Back in October, Kathleen Murphy, Fidelity’s personal investing president stated that the enterprise do not offer cryptos on trading platforms that includes retailers in order to safeguard its customers from the risky market.
The start of institutional adoption of Bitcoin has sparked a battle between trading platforms to market Ether to institutions. In fact, may crypto analysts believe that Ether futures could become the big driver in the future crypto market expansion.